Marathe expresses dismay at RBI Governor resignation

Satish Marathe, the only representative from cooperative sector on the RBI Board, has reacted with a sense of pain and disbelief at the news of RBI Governor Mr Urjit Patel’s resignation from his post on Monday.

Talking to Indian Cooperative, the veteran cooperator who is also the patron of Sahakar Bharati said that in the last board meeting it seemed as if everything has been resolved. Marathe was however not ready to believe the hundreds of media stories being dished out as reasons for Urjit Patel’s resignation which hinted at Patel’s underlying difference with the govt.

In his short reply sent as SMS Marathe says “I am both Saddened & Surprised particularly when all things looked to have been settled/resolved unanimously.”

It bears recall that the RBI Governor Urjit Patel resigned from his post on Monday citing personal reasons. While the Opposition calls it yet another example of the BJP undermining institutions, the latter defends itself maintaining that Patel has resigned on personal grounds.

BJP also argues that Patel has not mentioned any displeasure with the govt among reasons responsible for his resignation. In his short communication, Patel writes “On account of personal reasons, I have decided to step down from my current position effective immediately.”

“It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years. The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years”, Patel says.

”I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future.”

With RBI Governor Urjit Patel putting in his papers, his immediate predecessor Raghuram Rajan has also tried to vitiate the atmosphere by saying that all Indians” should be concerned as the strength of institutions is important for growth and development.

“I think Dr Patel has made a statement and I think this is the ultimate statement that a regulator or a civil servant can make. I think the statement should be respected,” Rajan told news channel ET Now.

Rajan has also commented on RBI Board on which both Satish Marathe and S Gurumoorthy were inducted recently. Rajan said there is “an extreme” change in the nature of the governance of the Reserve Bank of India for the “board to become an operational board, that is to make operational decisions”.